Circo Craft Board Unanimously Rejects C-MAC Offer.MONTREAL--(BUSINESS WIRE)--Aug. 19, 1996--CIRCO CRAFT CO. INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. .(ME, TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : CCC CCC A very speculative grade assigned to a debt obligation by a rating agency. Such a rating indicates default or considerable doubt that interest will be paid or principal repaid. Also called Caa. ) Further to a report from its special committee of independent directors, the Board of Directors of Circo Craft today unanimously recommended to the shareholders of Circo Craft that they not accept the $9.50 per share offer by C-MAC Industries Inc. and not tender their shares in response to such offer. This recommendation was made in the Directors' circular mailed today to all Circo Craft shareholders. After deliberating on the Special Committee report, the opinion of CIBC Wood Gundy CIBC Wood Gundy was created in 1988 with the purchase of Wood Gundy Inc. by CIBC. CIBC Wood Gundy is a division of CIBC World Markets. Canadian Imperial Bank of Commerce Chief Executive Officer: Gerald T. McCaughey | FY 2006 Statistics: Net income: $2. Securities Inc., a progress report, from Schroder Wertheim and CIBC Wood Gundy on the level of interest of other potential bidders for Circo Craft, the conclusion was that the offer was inadequate, from a financial point of view, and not in the best interest of the shareholders of Circo Craft. Consideration was also given to Circo Craft's true earning power Earning power Earnings before interest and taxes (EBIT) divided by total assets. earning power 1. The earnings that an asset could produce under optimal conditions. For example, AT&T may currently be earning $2. as reflected in its recently announced year-to-date results, the valuation models prepared independently by Schroder Wertheim and CIBC Wood Gundy, and the fact that Circo Craft common shares had traded consistently at prices higher than $9.50 since the announcement of the C-MAC offer which indicates expectations of higher value from its shareholders. Further to the announcement of the C-MAC offer, Schroder Wertheim and CIBC Wood Gundy continued to discuss with any member of parties to determine whether they would be interested in making a competing offer. In response to this solicitation, several companies entered into confidentiality agreements and certain interested parties have commenced their review of Circo Craft and were afforded access to the Company's management team. Although there is no assurance that any competing offer will be made, the degree of interest exhibited by potential competing bidders is substantial. The Board also confirmed that it had been notified by H.-K. Muhlegg, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and founder of Circo Craft, that he will not tender has shares under the proposed C-MAC offer. Mr. Muhlegg holds, directly and indirectly, 24.3 percent of the Company's outstanding common shares. Circo Craft is a leading North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. manufacturer of advanced printed circuit structures, serving major international corporations and large U.S.-based contract assembly operations in telecommunications, computer, automotive and industrial electronics. The Company's shares are traded on the Montreal and Toronto stock exchanges Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol CCC. CONTACT: Circo Craft Co. Inc. Madeline Gareau, 514/694-8400 |
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